Tiruchirapalli:The Confederation of Real Estate Developers Association of India (CREDAI) has urged the government to come up with a stimulus package for rejuvenating the realty sector.
Speaking to reporters at the end of the first Tamil Nadu Zonal Council Meeting held here, N. Nandakumar, president, CREDAI, Tamil Nadu, said the current status of realty sector required the immediate attention of the State government as it could come out with a slew of special measures to revive the sector.
The economic slowdown had affected the reality sector in the State too.
There were reports that sale of apartments was not good compared to recent years and this had many cascading effects. Promoters could not provide continuous employment to the work force.
The situation could be reversed if the government intervened.
The realtors could take up the concept of affordable housing, catering even to the low income group. Reduction in stamp duty, single window clearance, and lowering of infrastructure and amenities charges could revive the sector.
T.V. Murali, president, CREDAI, Tiruchi, said the infrastructure and amenities charges should be reduced to Rs. 10 to Rs. 12 from Rs. 31.50 a sq.ft.
The existing rate was too high to afford for the common buyers.
There was an urgent need to allow Local Planning Authorities to grant approvals for buildings up to 1 lakh sq. ft.
The existing system invariably required the promoters visit Chennai for approval.
Similarly, single window clearance system should be introduced to avoid unnecessary delay in getting clearances from various offices. It would save time and energy for the promoters to concentrate on other aspects of projects.
Stating that slow down in IT sector had affected the realty sector to an extent, Mr. Nandakumar said the State government should open up Chennai and other cities of Tamil Nadu with a slew of measures to attract IT players from Bangalore and Hyderabad.